Now that the American Taxpayer Relief Act of 2012 has become lawthe IRS has issued the balance of the annual inflation adjustments for 2013. Here are some of these adjustments (allamounts below pertain to 2013 income tax returns filed in 2014) -
• A new tax rate of 39.6 percent has been added for Singlefilers whose income exceeds $400,000, $425,000 for Head of Household, $450,000for Married Filing Joint, and $225,000 for Married Filing Separate. The othermarginal rates — 10, 15, 25, 28, 33 and 35 percent — remain the same as inprior years.
• The Standard Deductionrises to $6,100 for Single and Married Filing Separate, $8,950 for Head ofHousehold, and $12,200 for Married Filing Joint.
The Standard Deduction for a dependent is the greater of (1) $1,000,or (2) the sum of $350 and the individual's earned income (up to $6,100).
The additional Standard Deduction amount for the age 65 or olderor blind is $1,200 for married individuals and $1,500 for Single and Head ofHousehold.
• The personal exemption rises to $3,900. The exemption is subject to a PEP phase-outthat begins with adjusted gross incomes of $250,000 for Single, $275,000 forHead of Household, $300,000 for married couples filing joint, and $150,000 forMarried Filing Separate.
• The Pease limitationfor itemized deductions claimed on returns of Single filers with incomes of$250,000 or more, $275,000 for Head of Household, $300,000 for Married FilingJoint, and $150,000 for Married Filing Separate.
• The Alternative Minimum Tax exemption amount is $51,900 forSingle and Head of Household, $80,800 for Married Filing Joint and $40,400 forMarried Filing Separate. The 28% AMT taxrate kicks in at AMT taxable income of $179,500 ($89,750 for Married FilingSeparate).
• The Estate Tax “unifiedcredit” exclusion is $5,250,000.
The 2013 inflation adjustments are identified in Revenue Procedure 2013-15.
TTFN
Hiç yorum yok:
Yorum Gönder